The global solar water pump system market is increasing due to usage of renewable sources of energy. Majorly used is solar energy in developing countries like India where the infrastructure is growing. Solar water pump system is made of solar panel, a motor connected to PV. The solar panels provide the electricity to the motor to pump the water widely used in agriculture industry for the purpose of irrigation. And its usage has been increasing because of it reduces the electricity bills of the farmers. The government is also encouraging the use of solar water pumps to reduce the power usage from agricultural industry and it is clean and safe helps in carbon reduction. But the problem is with its installation cost which is quiet high for farmers which is an obstacle in growth of the market.
COVID-19 Impact analysis
- The solar power industry is also one of the industries has been majorly impacted by the outbreak of corona virus. Because of lockdown global solar power industry and their projects has been put on halt because of limited manpower and less availability of solar power project equipment’s because of stopped transportation. China is a major supplier of solar panel parts. From China, during this pandemic, most of the trades have been stopped in the world market. As of now when the situation are quite better that previous time the trade and production of solar parts is expected to start from China, which will bring market to the normal pace slowly.
Top Impacting Factors
The surge for alternative sources of energy to reduce the dependency on fossil fuels. With the increasing demand for electricity the green sources of energy market has gained growth which is supported by the government and is major opportunity for the investors as emerging sector. Government has been giving relief on taxes and providing incentives on the uses if solar pumps and installing solar panels into houses. With the increase in industrialization and urbanization the water usage has increased driving the solar water pump plant market. Solar power is affordable and available everywhere without affecting the environment. They are designed specially to utilize DC current usage like for household purpose, for irrigation, fountains, pools, ponds and others. The problem is high cost of installation for solar panels and pumps, which are bit expensive for farmers who hardly cover up their irrigation and farming expenses will slow down the growth of the market.
- In countries like India, where major population is dependent on agriculture. More than half of the population earns their livelihood from this agriculture. The irrigation for the farmers is a major problem there because of high fuel price, which reduce their profit cost. It is a great market opportunity for solar water pump systems market players, because governments have launched policies like Jawaharlal Nehru National (JNN) Solar Mission to encourage the usage of solar energy. If the makers can make the affordable solar water pumps for the farmers the market is expected to witness a boom.
- The manufacturers have brought a pump specially looking at the irrigational demand called “submersible pump” specially designed to pump out water from deep sources. They are located quiet deep into the ground to pump the water. Other than irrigation submersible pumps are now also being used in oil & gas sector for the chemical injection.
- The adaptation of submersible pump in the major area such as irrigation, the government have been subsidizing the farmers for its usage. With government’s support it has become a biggest market opportunity.
- Increase in awareness about use of solar energy. Bangladesh is using solar water pumps into water industry for water supply purpose. It is tried and tested model there for its use in household purpose at affordable cost and in future they have target to deploy more solar pumps.
Key Benefits of the Report
- This study presents the analytical depiction of the solar water pump system market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the solar water pump system market share.
- The current market is quantitatively analyzed from 2020 to 2028 to highlight the solar water pump system market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed solar water pump system market analysis based on competitive intensity and how the competition will take shape in coming years
Solar Water Pump Systems Market Report Highlights
By End user
Key Market Players
SunEdison Inc., Bright Solar Limited, Lorentz, American West Windmill and Solar Company, Grundfos, C. R. I Pumps Pvt Ltd, Tata Power Solar Systems Ltd, Shakti Pumps Ltd, Wenling Jintai Pump Factory Limited., Solar Power & Pump Company LLC